U.S. New Hires in February Slowed ‘More Than Usual’: iCIMS
(Bloomberg) -- U.S. employer hiring is expected to have slowed "more than usual" last month, according to the iCIMS' Monthly Hiring Indicator.
New hires decreased 8.5 percent compared with a 7 percent decline for the same month last year, according to iCIMS data. Hiring in the Atlanta and New York metro areas experienced "significant declines" of around 23.7 percent and 13.2 percent, the iCIMS report shows.
Pockets of weakness in hiring data are likely to pop up with increasing frequency as the U.S. economy slows down in the first quarter, according to Josh Wright, chief economist at iCIMS.
Despite the softer new hire numbers, U.S. job openings declined less than usual. In February, job openings fell 7.4 percent versus a 10.8 percent decline last year. Those numbers are "particularly encouraging" for Friday's jobs report, Wright said.
"Even if we get a weak payroll number, the job openings suggest greater demand in the months to come," he said.
Key Insights
- Hires in the professional and business services sector declined 4.3 percent on a seasonally adjusted basis. Atlanta, New York and Washington D.C. metro areas, in particular, saw declines.
- Employment in manufacturing remained resilient in the face of trade tensions, with a nearly seven percent increase in openings, after seasonal adjustments.
iCIMS provides recruitment software to employers and processes more than three million jobs and 75 million applications a year. The company's Monthly Hiring Indicator measures U.S. job openings and new hires over a given month based on iCIMS data.
To contact the reporter on this story: Shelly Hagan in New York at shagan9@bloomberg.net
To contact the editors responsible for this story: Alex Tanzi at atanzi@bloomberg.net, Chris Middleton
©2019 Bloomberg L.P.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
